Know Your Consumer Rights

CROA (Credit Repair Organizations Act) – A title passed into law September 1996 to ensure that prospective buyers of the services of credit repair organizations are provided with the information necessary to make an informed decision regarding the purchase of such services; and to protect the public from unfair or deceptive advertising and business practices by credit repair organizations.

As a result of CROA:

  • Credit repair companies are not permitted to misrepresent the services they provide to you including guaranteeing the removal of negative credit listings.
  • Credit repair organizations are not permitted to attempt to create a “new” credit profile.
  • Credit repair companies are not permitted to accept payment until services have been performed.

In addition CROA also states that credit repair companies must present you with a properly constructed credit repair contract, must allow you to cancel service within three days of signing the contract with any penalty or obligation, and must provide you with a disclosure statement titled “Consumer Credit File Rights Under State and Federal Law” that informs you of your rights to order your credit reports, dispute the accuracy of the information in your credit reports yourself, and to sue a credit repair company that violates CROA.

FCRA (Fair Credit Reporting Act) – Is a United States federal legislation that promotes accuracy, fairness and privacy for data used by consumer reporting agencies. Consumer reporting agencies include credit bureaus and financial agencies — such as those that sell information about rental history records. – Read more >

FCBA (Fair Credit Billing Act) – Is a United States federal law enacted in 1975 as an amendment to the Truth and Lending Act. Its purpose is to protect consumers from unfair billing practices and to provide a mechanism for addressing billing errors in “open end” credit card accounts. – Read more >

FDCPA (Fair Debt Collections Practicing Act) – The Federal Trade Commission (FTC), enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you. – Read more >

FACTA (Fair and Accurate Credit Transactions Act) – The FACT Act was signed into law by President Bush in December 2003. Officially titled the Fair and Accurate Credit Transactions Act of 2003, the FACT Act extends the Fair Credit Reporting Act (FCRA), which had preemption provisions due to expire in December 2003. – Read more >